12th May 2015 16:04
LONDON (Alliance News) - Mwana Africa PLC late Tuesday said it will hold an extraordinary general meeting in June to allow shareholders to vote on changes to the non-executive directors following a requisition from a group of shareholders.
The meeting will be held on June 9 after notices requisitioning a general meeting were received from Ian Dearing and other shareholders in April. The company was initially looking at the validity of the meeting request.
Mwana said it has posted a circular that details why the board "strongly believes" that the resolutions are not in the best interests of the company, urging shareholders to vote against all of the resolutions that will proposed at the meeting.
Mwana added that two non-executive directors, Yat Hoi Ning and Yuan Ching Hu, have not agreed with the board recommendations contained in the circular. Ning is currently in a separate dispute with the company about Chairman Stuart Morris' re-election to the board last year.
As stated in the circular, Morris and Johan Botha, a non-executive director, both have indicated their intention to retire at or before the EGM.
"The company will today issue a circular which contains full details of why the board, excluding Mr Ning and Mr Hu who, on account of the ongoing petition, have chosen not to participate in the directors' recommendation, strongly believes that the resolutions are not in the best interests of the company and shareholders and why the board recommends that shareholders vote against all the requisitioners' proposed resolutions," the Mwana Africa board said in a statement.
No further details concerning the resolutions were revealed.
Mwana Africa is trying to resolve a separate dispute with its largest shareholder, China International Mining Group Corp, and with Ning, who is chairman of China International, about Morris's re-electing to the board in September 2014. Neither Ning or China International were involved in the requisition of the meeting by Dearing.
Mwana shares closed down 0.8% to 1.96 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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